Auditing activities and the field of accounting are regulated by different laws

The activities of the Professional Audit Council are regulated by the Law of the Republic of  Kazakhstan «On Auditing Activities».

Whereas the sphere of accounting is regulated by the Law of the Republic of  Kazakhstan «On Accounting and financial reporting».

Currently, there are no changes to the accounting legislation regarding the transfer of certification of accountants to the Professional Council.

At the same time, we draw attention to the fact that on the basis of Article 21 of the Law of the Republic of  Kazakhstan «On Accounting and Financial Reporting» there is an Advisory Body, which includes representatives of state bodies, non-profit organizations, private business entities, organizations with state participation, state enterprises.

The advisory body has the right, among other things, to make proposals to the authorized body on improving the legislation of the Republic of Kazakhstan on accounting and financial reporting.

According to the Regulation on the Advisory Body approved by the Order of the Ministry of  Finance of  the Republic of Kazakhstan dated July 22, 2021 No. 702, one of the tasks is to participate in the development of regulatory legal acts of the Republic of Kazakhstan, as well as consideration and discussion of other issues in the field of accounting and financial reporting, audit.

As you know, the legislation establishes that professional certification organizations carry out the functions of training, taking exams and professional development.

At the same time, today in practice, the income from the training of accountants is 85-90%, and the income from taking exams is 10-15% of the amount paid by a candidate for professional accountants.

In general, all issues of improving legislation, including issues of certification of accountants, are being worked out in detail with the professional community.